Earnings summaries and quarterly performance for Constellation Energy.
Executive leadership at Constellation Energy.
Joseph Dominguez
Detailed
President and Chief Executive Officer
CEO
Bryan Hanson
Detailed
Executive Vice President and Chief Generation Officer
Daniel Eggers
Detailed
Executive Vice President and Chief Financial Officer
James McHugh
Detailed
Executive Vice President and Chief Commercial Officer
Kathleen Barrón
Detailed
Executive Vice President and Chief Strategy and Growth Officer
Board of directors at Constellation Energy.
Alan Armstrong
Detailed
Director
Ashish Khandpur
Detailed
Director
Bradley Halverson
Detailed
Director
Charles Harrington
Detailed
Director
Dhiaa Jamil
Detailed
Director
Eileen Paterson
Detailed
Director
John Richardson
Detailed
Director
Julie Holzrichter
Detailed
Director
Nneka Rimmer
Detailed
Director
Peter Oppenheimer
Detailed
Director
Robert Lawless
Detailed
Chair of the Board
Yves de Balmann
Detailed
Director
Research analysts who have asked questions during Constellation Energy earnings calls.
David Arcaro
Morgan Stanley
7 questions for CEG
Also covers: AEP, AES, ATO +32 more
Jeremy Tonet
JPMorgan Chase & Co.
4 questions for CEG
Also covers: AEE, AEP, AM +45 more
Paul Zimbardo
Jefferies Financial Group Inc.
4 questions for CEG
Also covers: ATO, AWK, DTE +9 more
Shahriar Pourreza
Guggenheim Partners
4 questions for CEG
Also covers: AEE, AEP, AVA +29 more
Steve Fleishman
Wolfe Research, LLC
4 questions for CEG
Also covers: AEP, CNP, CWEN +11 more
Steven Fleishman
Wolfe Research
3 questions for CEG
Also covers: AEP, CNP, CWEN +18 more
Andrew Weisel
Scotiabank
2 questions for CEG
Also covers: AEP, BKH, CMS +13 more
Angie Storozynski
Seaport Research Partners
2 questions for CEG
Also covers: AGR, AWK, CMS +8 more
James West
Evercore ISI
2 questions for CEG
Also covers: AMPS, BKR, BORR +12 more
Sophie Karp
KeyBanc Capital Markets Inc.
2 questions for CEG
Also covers: AGR, AVA, CMS +12 more
Agnieszka Storozynski
BofA Securities
1 question for CEG
Also covers: AES, AGR, AWK +11 more
Durgesh Chopra
Evercore ISI
1 question for CEG
Also covers: AEE, AEP, AES +22 more
Jeremy Tunnett
JPMorgan Chase & Co.
1 question for CEG
Nicholas Campanella
Barclays
1 question for CEG
Also covers: AEE, AEP, AES +32 more
Recent press releases and 8-K filings for CEG.
Constellation launches exchange offers for Calpine notes
CEG
Debt Issuance
M&A
- Constellation Energy Generation commenced private exchange offers to swap Calpine’s 4.625% 2029, 5.000% 2031 unsecured and 3.750% 2031 secured notes for newly issued Constellation notes with identical interest payment dates, maturities and interest rates but enhanced call protection.
- Holders who tender by the early deadline (5:00 p.m. NYT on December 22, 2025) receive new notes plus cash consideration ranging from $1.00 to $2.00 per $1,000 for unsecured series and $2.50 for the secured series; post-deadline tenders receive $970 principal amount of new notes per $1,000 tendered.
- Concurrent consent solicitations seek holder approval to eliminate most restrictive covenants and non-payment default events in Calpine’s indentures, requiring consents from holders of a majority in principal amount.
- The offers hinge on obtaining the requisite consents and closing the Constellation–Calpine merger per the January 10, 2025 Merger Agreement, and expire at 5:00 p.m. NYT on January 8, 2026.
13 hours ago
Constellation Energy files Calpine’s 2024 audited and pro forma financials
CEG
M&A
- Exhibit 99.1: Calpine’s audited consolidated financial statements for the years ended December 31, 2024 and 2023 were filed.
- Exhibit 99.2: Calpine’s unaudited consolidated financial statements as of September 30, 2025 and 2024 and for the three and nine months ended September 30, 2025 and 2024 were filed.
- Exhibit 99.3: Unaudited pro forma combined financial statements of CEG Parent and Constellation as of September 30, 2025, for the nine months ended September 30, 2025, and for the year ended December 31, 2024 were filed.
- The report includes forward-looking statements regarding the proposed Constellation-Calpine merger.
13 hours ago
Constellation Energy launches exchange offers for Calpine notes
CEG
Debt Issuance
M&A
- Constellation Energy Generation, LLC commenced private exchange offers for Calpine Corporation’s outstanding 4.625% Senior Unsecured Notes due 2029, 5.000% Senior Unsecured Notes due 2031, and 3.750% Senior Secured Notes due 2031.
- Holders who tender by the December 22, 2025 early deadline will receive new Constellation Notes on a one-for-one principal basis plus cash consideration ranging up to $5.00 per $1,000 for the secured notes.
- The exchange offers and consent solicitations to amend Calpine’s indentures (eliminating most non-payment covenants) are conditioned on the planned acquisition under the Merger Agreement dated January 10, 2025, whereby Calpine will become an indirect subsidiary of Constellation.
- The offers expire on January 8, 2026, and holders tendering after the early deadline will receive Constellation Notes at $970 principal per $1,000 with no cash premium.
13 hours ago
Constellation Energy nears DOJ settlement for Calpine acquisition
CEG
Legal Proceedings
M&A
- Constellation Energy is close to settling with the DOJ to proceed with its $16.4 billion acquisition of Calpine, aiming to create the largest power fleet in the U.S.
- The DOJ’s antitrust division canceled a planned meeting after Constellation submitted a more comprehensive proposal addressing competition concerns in power markets
- The combined entity would integrate Constellation’s carbon-free nuclear, wind, solar, and hydroelectric assets with Calpine’s fleet, significantly boosting market position in independent power production
- Constellation currently has a $113.16 billion market capitalization and reported $24.84 billion in revenue, with a three-year growth rate of 7.5% and solid margins, though some financial stress indicators warrant caution
6 days ago
Constellation Energy announces senior leadership changes ahead of Calpine deal closing
CEG
M&A
Management Change
CFO Change
- Constellation Energy will implement key senior leadership changes upon closing its acquisition of Calpine, expected in Q4 2025.
- Kathleen Barrón, EVP and Chief Strategy and Growth Officer, will retire mid-2026 and transition to Senior Advisor to the CEO to ensure a seamless handover.
- Daniel Eggers is promoted to Senior EVP, Finance and Data Economy, while Shane Smith succeeds him as CFO with a $725,000 base salary and incentive package.
- Andrew Novotny of Calpine will join as Senior EVP, Power Operations, overseeing Constellation’s natural gas, hydro, solar, wind and Calpine fleets.
Nov 21, 2025, 1:00 PM
Constellation Energy secures $1B DOE loan to restart Three Mile Island reactor
CEG
Debt Issuance
New Projects/Investments
- The U.S. DOE approved a $1 billion federal loan to Constellation Energy to restart the Unit 1 nuclear reactor at the renamed Crane Clean Energy Center by 2027, boosting its 835 MW capacity for the PJM Interconnection grid.
- The project, estimated to cost $1.6 billion, includes a 20-year power purchase agreement with Microsoft to support AI-driven data centers.
- The restart is expected to create about 600 jobs and supply electricity to roughly 800,000 homes, aiming to stabilize Mid-Atlantic energy costs.
- Constellation Energy’s stock price jumped 5% following the loan announcement.
- The loan is part of the Energy Dominance Financing program under the “One, Big, Beautiful Bill,” contributing to a broader $250 billion energy infrastructure initiative.
Nov 18, 2025, 11:49 PM
Constellation secures $1 billion DOE loan to restart Crane Clean Energy Center
CEG
New Projects/Investments
Debt Issuance
Hiring
- Constellation Energy Generation entered a DOE-guaranteed $1.0 billion multi-advance term loan facility to support the restart and repowering of the 835 MW Christopher M. Crane Clean Energy Center in Pennsylvania.
- The facility, provided through the Federal Financing Bank, carries an interest rate of 0.375% per annum over U.S. Treasury yields, with semi-annual interest payments and a bullet maturity on November 17, 2055.
- The project is expected to create 3,400 jobs and deliver 835 MW of baseload carbon-free nuclear power operating 24/7, bolstering regional energy supply and economic growth.
Nov 18, 2025, 10:06 PM
Constellation Energy reports Q3 2025 results and Calpine deal update
CEG
Earnings
Guidance Update
M&A
- Delivered Q3 GAAP EPS of $2.97 and adjusted EPS of $3.04 (up $0.30 YoY), supported by higher generation volumes and a 96.8% nuclear fleet capacity factor.
- Narrowed FY 2025 standalone adjusted EPS guidance to $0.905–0.945 per share; combined company guidance (including Calpine) to be provided on the Q4 call.
- Calpine acquisition remains on track for Q4 close pending DOJ approval, resulting in $14 billion of pro forma liquidity post-closing.
- Secured a 50-year Conowingo Dam operation agreement in Maryland and progressing front-of-the-meter PPAs with hyperscalers, with deals nearing completion.
Nov 7, 2025, 3:00 PM
Constellation Energy reports Q3 2025 results
CEG
Earnings
Guidance Update
M&A
- Delivered Q3 GAAP EPS of $2.97 and adjusted operating EPS of $3.04, up $0.30 year-over-year
- Achieved fleet-wide nuclear capacity factor of 96.8%, renewable capture at 96.8%, and gas dispatch match at 95.5% in the quarter
- Narrowed 2025 standalone adjusted operating EPS guidance to $905–$945 per share, excluding any Calpine impact
- Calpine acquisition remains on track; combined guidance and modeling tools due on the Q4 call, and the deal will leave the company with $14 billion of liquidity post-close
- Advancing data economy and demand response initiatives with front-of-meter PPAs in late stages and a pipeline targeting 1,000 MW of demand response capacity by upcoming auctions
Nov 7, 2025, 3:00 PM
Constellation announces Q3 2025 results
CEG
Earnings
Guidance Update
M&A
- Constellation reported Q3 2025 GAAP EPS of $2.97 and Adjusted Operating EPS of $3.04, up from $2.74 in Q3 2024.
- Narrowed its full-year 2025 standalone Adjusted Operating Earnings guidance range to $9.05–$9.45 per share.
- Reached a historic 50-year settlement with Maryland for Conowingo Dam and filed for expedited permitting of up to 1,500 MW to support reliability.
- Nuclear fleet ran at nearly full power, achieving a 96.8% capacity factor and producing 42 TWh of emissions-free electricity in Q3.
- Calpine acquisition remains on track to close in Q4 2025, enhancing its growth profile.
Nov 7, 2025, 3:00 PM
Quarterly earnings call transcripts for Constellation Energy.
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